Doug Jones's victory in the Alabama Senate election Tuesday night does not change prospects for the Republican tax bill, said Brian Gardner of Keefe, Bruyette & Woods in a note Wednesday. 'We expect the tax bill will probably be passed by Congress before Christmas,' Gardner said. He noted Jones won't be sworn in until the Senate receives certification from Alabama. Alabama's secretary of state estimates certification will be between Dec. 26 and Jan. 3. The election 'should not impact the tax bill unless some other factor(s) derail the tax bill and push the issue into 2018,' Gardner said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

House and Senate Republicans on Wednesday reached an agreement on the final version of a tax bill that would lower the top individual rate to 37% and set a corporate rate of 21%, while eliminating the corporate alternative minimum tax.